Connect with us

Hi, what are you looking for?



FMBN’s N500bn Recapitalisation Underway as FG Seeks Legislative Amendments


By Grace Chigbu

The Federal Mortgage Bank of Nigeria (FMBN) is poised for significant growth as the federal government pledges legislative amendments to facilitate its recapitalization to N500 billion. This move, announced by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the FMBN Management Retreat in Abuja, signals a positive outlook for the housing sector.

The legislative amendments, which will affect laws such as the National Housing Fund (NHF) Act of 1992 and the FMBN Establishment Act of 1993, are expected to streamline processes and enhance access to housing loans, particularly for contributors to the National Housing Fund. This development holds promise for thousands of families, as it opens doors for them to realize their dreams of homeownership.

Furthermore, the recapitalization of FMBN is anticipated to have a ripple effect on the economy. Increased homeownership translates to heightened productivity and economic activity within the housing sector. This, in turn, creates employment opportunities for both skilled and unskilled laborers, fostering sustainable development.

Minister Dangiwa emphasized the government’s commitment to supporting FMBN in fulfilling its mandate to provide affordable housing solutions to Nigerians. He underscored the importance of quality customer service, urging FMBN staff to view their roles as avenues for serving the populace.

  1. The theme of the retreat, “Transformational Innovation for Sustainable Development in Uncertain Times,” resonates with the overarching goal of FMBN’s evolution into a modern, impactful, and resilient housing finance institution.


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Two weeks after her death, the loss of former Super Falcons star Ifeanyi Chiejine at the young age of 36 continues to baffle, both...

Outside Africa

“The loss of Hamza bin Ladin not only deprives al-Qa’ida of important leadership skills and the symbolic connection to his father, but undermines important...


Gilead’s antiviral drug remdesivir has been authorized by US regulators for emergency use on coronavirus patients, President Donald Trump announced Friday. US medical officials...

Entertainment News

Fans of Adele were in for a surprise when the singer shared a birthday photo of herself, revealing the results of her recent weight...

Copyright © 2023 NigerianEyeNewsPaper.Com. Design by Weforce Digital Technologies